The crypto exchange Bitfinex has started its project “Pulse”. In the form of a social network, it aims to make it easy for crypto traders to exchange market-relevant information in real time. Whether this idea will be ignited by Bitfinex remains open.
The competition among crypto exchanges is crying out for approaches that will set them apart from their competitors. As the undisputed market leader in the meantime, Binance seems to be at least one step ahead of other providers in crucial details such as fee policy and liquidity. Bitfinex is now trying to counteract this development and has founded a social network called “Pulse” to do so. In a blog post, Bitfinex explains that Pulse will help its users to optimize price forecasts and trading strategies. Of course Bitifinex also hopes to increase the loyalty of existing customers through Pulse and to attract new users through this unique offer.
Pulse at Bitfinex – first observations
The online presence of Pulse can also be viewed here by non-customers of Bitfinex. However, to post, forward or link posts yourself, an account with Bitfinex is required. Pulse follows the concepts of other social networks such as Facebook and Twitter, but – at least initially – does not provide commentary functions. Pulse went live yesterday (April 28, 2020), participation has been very modest so far, more than one post per hour is rare. The quality of the contributions is also modest, ranging from “price of Bitcoin skyrockets” without further justification to the simple reposting of tweets that premiered on Twitter.
Bitfinex is secretive about the absolute numbers of its customer base and merely points out that users are spending more and more time on the platform. In the USA, Bitfinex is still experiencing legal problems, but on the other hand, its range of services is being expanded to include staking. In the spot market for leading crypto currencies, Bitfinex is in a strong position due to full order books. However, whether Bitfinex will be able to make Pulse a success depends on whether traders and experts are willing to take up the idea, i.e. willing to spend time on this network.
Pulse from Bitfinex – important for you as an investor?
Anyone who seriously deals in Bitcoin and Co. usually orients his investment strategies to a mix of serious information sources. Last but not least, our theme portal is one of such possibilities. Pulse from Bitfinex is dominated by English and could in the best case become a network for breaking news and worthwhile links. But at the moment Pulse is still far from that and seems more like a well-intentioned push without any real echo. If you’re interested in tracking the price of successful traders in your investments, eToro is the best provider. Because there you can easily copy portfolios and promotions in day trading automatically.